1. Field of the Invention
The present invention is generally directed to business intelligence systems, and more particularly directed to monitoring, aggregating, and correlating business events and acting on the results.
2. Background Art
Real time business intelligence is the process of delivering information about business operations without any latency.
Traditional business intelligence systems present historical information to users for analysis. Real time business intelligence compares current business events with historical patterns to detect problems or opportunities automatically. Organizations have been using business intelligence (BI) for many years to monitor, report on, analyze, and improve the performance of their business operations. Most BI applications to date have focused on managing strategic and tactical business plans and initiatives.
SYBASE™ BIZTRACKER™ is an example of a business activity monitoring solution that is currently available.
There are three main types of BI—strategic, tactical, and operational. Strategic BI is used for managing long-term business plans and goals. Executives and senior managers use the high-level business performance metrics (sometimes called key performance indicators, or KPIs) produced by strategic BI to track how well the business is doing against long-term business goals such as growing market share, reducing costs, and increasing revenues. As business initiatives such as marketing campaigns and new products are launched to help align actual business performance with planned performance, tactical BI analytics are employed by senior managers, business analysts, and line-of-business (LOB) managers to measure and optimize the performance of those initiatives. This tactical BI analyzes business operations over a period of days, weeks, or months.
To fully leverage the value of data, many companies use Business Intelligence (BI) solutions. Operational BI supports process optimization by pushing needed data to front-line analysts and managers in real time, supporting intra-day decisions. BI systems and solutions can dramatically improve efficiencies and decision-making across all facets of an enterprise.
To achieve operational BI, companies must overcome a number of challenges. They need a data warehousing and analytics solution that can extract real-time data from multiple sources on the fly. This solution also must transform the data into actionable business intelligence and make it accessible to those who need it. Also the solution must be able to handle huge volumes of data with many users making simultaneous complex ad hoc queries.
An example of an operational BI system is the SYBASE™ IQ™ product, which is an optimized analytics server designed to handle the challenges of operational BI. Operational BI is concerned with managing and optimizing daily business operations. It delivers the right information at the right time to the right business users to enable them to react rapidly to solve business problems and satisfy new business requirements. Fraud detection, risk management, customer segmentation, network management, and inventory management are examples of operational processes that can be improved using operational BI.
Operational BI improves the speed of reporting, analysis, and information delivery for faster operational decision-making and action-taking. The time for the business to react to operational issues or requirements is often called the action time. This action time may be a few seconds, minutes, or hours, depending on business needs. The action time requirement for fraud detection, for example, may be a few seconds, whereas intra-day inventory management may only require an action time of a few minutes or hours. Current operational BI systems are not real-time, because action times are based on what is right for any given business process, rather than on trying to reduce action as close to real-time as possible.
Business action time in operational BI processing has three components: data latency; reporting and analysis latency; and decision latency.
Data latency is the time it takes for the BI system to gather the data required for analyzing actionable operational events. Examples of events are the use of a credit card or ATM card, store purchase, manufacturing part request, stock trade, loan application, CSR request for customer data, database update, and so forth.
Reporting and Analysis latency is the time it takes for operational BI applications to report on and analyze the event data, and deliver the results to a business user or automated decision-making software for appropriate action.
Decision latency is the time it takes for the user, or decision-making software, to take action (if required) to solve a business issue or satisfy a business need identified by the original business event.
There are four main types of BI applications used to process and analyze actionable operational events and to help reduce data, analysis and decision latency: right-time data integration; operational BI reporting applications; decision automation software; and Decision automation software agents.
Right-time data integration applications collect and integrate information about actionable operational events for analysis. These events may originate from a variety of sources—for example, operational applications and databases, hardware devices (such as point-of-sale terminals or telecommunication switches), Web click streams, and so forth. The objective of right-time data integration is to reduce data latency.
Operational BI reporting applications produce reports about operational business transaction (BTx) data. In some applications these reports may be produced by accessing live operational data. In other cases, when a certain degree of data latency can be tolerated, the reports are produced using the information collected by right-time data integration applications. The objective of operational BI reporting is to reduce reporting latency.
Operational BI performance management (BI-PM) applications analyze the information collected by right-time data integration applications, produce business metrics about operational performance, and then deliver the results of the analyses to business users for decision-making and action-taking. The objective of operational BI-PM is to reduce analysis latency.
Decision automation software agents notify users about business issues and requirements that need urgent action. They also help business users evaluate BI-PM results and recommend actions that could help resolve business issues or satisfy business needs. In some cases, decision automation agents may take business action on behalf of business users. The objective of decision automation is to reduce decision latency.
What is needed are systems, methods, and computer program products that manage and optimize daily business operations by delivering information about business operations without any latency. What is further needed are real time business intelligence systems that compare current business events with historical patterns to automatically detect problems.